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Day: July 24, 2013
July 242013
Aussie Suffers from Decline of China’s Manufacturing
The Australian dollar slumped today as the decline of China’s manufacturing unexpectedly accelerated last quarter, reigniting concerns about growth in the major Asian economy and the biggest trading partner of Australia. Inflation report from Australia came out today, but hardly affected the currency as it was stable and in line with forecasts. Consumer prices rose 0.4 percent in the second quarter of 2013, at the same rate as in the first quarter. Data about China’s manufacturing […]
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July 242013
Czech Koruna Gains Even as Policy Makers Ready to Weaken Currency
The Czech koruna managed to gain today despite signs that policy makers may refer to weakening the currency as a measure for spurring economic growth in the country. Czech National Bank Governor Miroslav Singer said in an interview to Bloomberg today that he is going to keep monetary policy accommodative as long as risk of inflation missing the central bank’s target remains. He indicated that interest rates should remain near zero: From […]
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July 242013
Rupee Rises as RBI Tightens Regulations
The Indian rupee rose today after the central bank took measures to limit banks’ access to cash in an attempt to halt the currency’s slide. The rupee reacted favorably to the bank’s action. The Reserve Bank of India announced yesterday several measures to address the exchange market volatility. The RBI limited amount banks can borrow in repurchase actions (the Liquidity adjustment facility) to 0.5 percent of their deposits. Additionally, the central bank set the Cash Reserve Ratio, […]
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July 242013
EUR/USD Gains for Yet Another Day
EUR/USD advanced today for the fourth consecutive session as almost all today’s reports from Europe were better than forecast. The US data was also good (unlike on the previous sessions), limiting gains of the currency pair. New home sales were at the seasonally adjusted annual rate of 497k in June, beating the median forecast of 482k. The May’s rate was revised negatively from 476k to 459k. (Event A on the chart.) Crude oil inventories […]
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July 242013
Turkish Central Bank Boosts Interest Rates, Lira Still Down
The Turkish central bank performed a significant interest rate hike yesterday following the big drop of the Turkish lira. So far, the currency did not respond to the action in any noticeable manner. The Central Bank of the Republic of Turkey performed a significant rate hike by 75 basis points to 7.25 percent. The central bank explained: Recently, several developments have affected inflation adversely. Under such circumstances, “a measured monetary tightening is deemed […]
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